President Lee: "No Need to Worry About Oil Prices... Stable Pricing Maintained" (Comprehensive)

Congratulating the Historic First Voyage as Arctic Route Trial Vessel Arrives in the UK

President Lee Jae-myung stated on the 12th, regarding the recent surge in international oil prices, "Fellow citizens, there is no need to worry. The prices of refined oil products such as gasoline and diesel will remain stable."

President Lee Jae-myung. Photo by Yonhap News

On this day, President Lee shared an article on X (formerly Twitter) analyzing whether domestic oil prices would continue to remain stable despite the international oil price surge due to prolonged tensions in the Middle East. He said, "As far as oil prices are concerned, you do not need to worry at all."

President Lee explained, "By strengthening oil-related diplomacy, such as dispatching special envoys and diversifying import sources, as well as implementing subsidies for long-distance oil transport, we have reduced Korea's dependence on Middle Eastern oil imports from around 70% to the 50% range within just a few months. We will continue to pursue further diversification vigorously going forward."

He continued, "By introducing a strategic oil reserve swap system, we are also maintaining stability in oil supply. While crude oil and international refined oil prices are soaring, domestic refined oil remains stable in both price and supply without difficulty, thanks to a maximum price system and export volume controls."

President Lee added, "We are thoroughly blocking market disruptions by completely preventing hoarding and collusion, and by fostering fair competition through the selection of so-called 'exceptionally fair gas stations.'"

He noted, "Domestic refiners are currently enjoying record-high profits, as the government is compensating for any losses incurred due to price and export volume controls, while they enjoy significant gains from the spike in international refined oil prices."

President Lee emphasized, "The Republic of Korea is not only fully able to overcome the current crisis but is also turning this challenge into an opportunity."

He continued, "Although our dependence on Middle Eastern oil imports remains high at 50%, the war's end is uncertain and the oil market is mired in difficulties. We will do our utmost to secure smooth distribution channels for oil and to ensure the safety of oil transport ships and crews."

Meanwhile, President Lee congratulated and thanked the captain and crew of the Panstar Acro, which arrived in the UK after becoming the first Korean container ship to pilot the Arctic route, marking a historic milestone. He remarked, "Please join me in wishing for the safe return of the Panstar Acro and the successful pioneering of the Arctic route."

President Lee also linked to a post by Busan Mayor Jun Jae-soo, sharing the Panstar Acro's visit and stated, "Mayor Jun Jae-soo, citizens of Busan: I support the dream of Busan as a leading maritime city and the full-scale development of the Arctic route. As promised, I will advance the dawn of the Arctic route era and maritime capital Busan through robust drive and support."

The Panstar Acro, which departed from Busan on the 22nd of last month, entered Felixstowe, UK—the first stop on its voyage—at approximately 5 a.m. Korean time on this day, marking its arrival after 21 days at sea.

This content was produced with the assistance of AI translation services.